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The foreign companies that wanted to set up their business in the U.A.E market or want to develop the current operations beyond a distribution system or agency, Joint Venture can be one of the best option. The contract or agreement of joint venture controls the obligations and respective entitlement of each of the partners. When it became impossible for a single contracting company to execute the project alone, a joint venture can be formed. It can be formed either forming limited liability company under federal Law no. 2 of 2015 or contractually.
As per the commercial companies Law, foreigners cannot own more than 49% of a limited liability in the U.A.E on the outside of any of the varied free zones. Joint venture companies does not need a license to execute their operations although if a LLC is used to effect the JV, it may very well require licensing. The JV agreement does not also require to publish. The joint venture offer a suitable structure for companies which allows them to work together on specific projects.
The Key to the venture’s ultimate success depends of choosing the right JV partner (s). The structures available to establish a JV in the U.A.E. in which foreign equity participation is permitted are: public and private joint stock companies (JSC), a limited liability company (LLC), a limited partnership company (LPC), a share partnership company (SPC), and a joint venture company (JVC – also known as a contractual venture or consortium company).
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